Processors cut sunseed purchase prices to $705/t
The global vegetable oil market ended the week on a stronger note, supported by a sharp increase in crude oil prices, firmer soybean oil futures on CBOT and stronger demand for palm oil, according to Spike Brokers.
Sunflower oil prices also increased on the European market, improving crushing margins. However, buyers remain cautious due to continued volatility in the energy and logistics sectors.
Meanwhile, the situation in Ukraine moved in the opposite direction. Despite tightening old-crop sunseed supplies, most processors reduced their purchasing activity as they assessed the risks associated with exporting finished products.
“The increase in end-of-season supply amid restrained demand led to a weekly decline in indicative CPT plant prices to $705/t (-$16),” the brokers said.
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